DMP mutual support thread part 13 !!

Grazeley

Willing2Learn wrote: »

Yes, a DMP would be a viable option, if you are in 'persistent debt' and the numbers indicate your position may not be sustainable in the longer term.

By embarking on a DMP, your credit file would be trashed though as you would be breaking your contractual terms of credit. On the positive side of things, once the accounts are defaulted, you will no longer be paying interest and charges.

I recommend you begin a new thread, posting up your Statement of Affairs (SOA), so that we can advise accordingly.

thank you, this is helpful and I will do so. :-)

When you say trash your credit file, in what way please? Is it hard to get a mobile phone contract, car etc insurances? What about mortgage rates?
Clearly I dont want other credit as I cant be trusted!

Also, what sort of payment do creditors usually accept, if I currently pay min payment £180 for an £8000 credit card, would sort of payment amount would be discussed on a DMP?

Willing2Learn

When I began my DMP, all my credit accounts were defaulted one by one. It was still possible to get mobile contracts and insurance. And a good mortgage broker can still get you a mortgage for people with adverse data on their file (at a higher rate than what you would get from a high street ban).

A DMP is an informal payment plan. Your creditors will accept whatever is affordable. This is where an accurate SOA comes in, as everything will be based on your SOA. Have a look at the NEDCAB website for loads of invaluable information on how a DMP works.

lulabelle01

Moveslikeagger wrote: »

Hi Lulabelle01

I only deal with moorcroft via email now. If you email them they may ask you to confirm a few things ie some personal details and that the email address you are using is authorised for them to contact and communicate with. I have also spoke with them over the phone and live chat. They are actually helpful so dont worry about contacting them! They accepted my offers and i do not hear from them at all now, i just make sure i pay on time etc.

Hope this helps!

I emailed on Friday and haven’t heard anything about my offer of repayment. I have had a letter saying I need to get in touch before the 31st and I had a recorded voicemail message today because I blocked the number. I’ll wait it out as I believe the ball is in there court at the moment.

sourcrates

lulabelle01 wrote: »

I emailed on Friday and haven’t heard anything about my offer of repayment. I have had a letter saying I need to get in touch before the 31st and I had a recorded voicemail message today because I blocked the number. I’ll wait it out as I believe the ball is in there court at the moment.

Pay no heed to there maningless timeframes, debt collectors computer generated letters always specify certain time frames you must adhere to to get in touch with them, its all absolute rubbish.


They will get back to you, don`t worry about it.

Orsonwelles

Hi.

So I am going to go self - managed after being with SC for 18 months. A big step but I need to get more involved with my DMP and take responsibility for it. I have taken my eye off the ball with regards to my budget and at this rate I will be on DMP forever.

Does anyone have any tips/advice when it comes to going self - managed? I have looked at the NEDCAB website and will go through it tomorrow.

One thing that i was wondering is whether i can contact creditors through E - mail or is that not wise.
Access to a printer could be difficult but not impossible.

This thread has been my saviour over the last few years. My starting my DMP with SC was a dream because of this thread so thank you so much.

sourcrates

Orsonwelles wrote: »

Hi.

So I am going to go self - managed after being with SC for 18 months. A big step but I need to get more involved with my DMP and take responsibility for it. I have taken my eye off the ball with regards to my budget and at this rate I will be on DMP forever.

Does anyone have any tips/advice when it comes to going self - managed? I have looked at the NEDCAB website and will go through it tomorrow.

One thing that i was wondering is whether i can contact creditors through E - mail or is that not wise.
Access to a printer could be difficult but not impossible.

This thread has been my saviour over the last few years. My starting my DMP with SC was a dream because of this thread so thank you so much.

You can use email, but it can be hit and miss wether it gets read or not, a good old fashioned letter is best to be honest, I was going to suggest NEDCAB as lots of self managed DMP’ers use it.

Suseka97

Orsonwelles wrote: »

.......
Does anyone have any tips/advice when it comes to going self - managed? I have looked at the NEDCAB website and will go through it tomorrow.
One thing that i was wondering is whether i can contact creditors through E - mail or is that not wise.

It's really up to you how you choose to communicate - but I'm a fan of the old-fashioned 'snail mail', especially in terms of record-keeping. You can pick up a single-function, bog standard, b&w printer relatively cheap these days - so worth googling for a best buy. The NEDCAB website is a must, in my opinion, for folks like yourself. It'll generate all the letters you'll need, as well as the I&E, and make the whole process a lot easier on you.

Just one piece of advice - before you close your account with SC, do take a note of all the current balances and contact details for your creditors or DCAs because you will no longer have access to any historical data once SC close the account.

lola_girl

I started my DMP in August last year. 6 creditors, 5 cards and 1 loan. I went with SC and all creditors had defaulted by April this year. Today I have sent off 5 CCA requests. 3 are pre-2007 so I’m hopeful that these ones may come back unenforceable. 3 have gone to DCA but I’ve had no issues with calls - just a letter from each then they have carried on taking the payment.
I will see what comes back from these and then may take the opportunity to go self managed.
It was hard starting a DMP but I genuinely wish now that I’d done it sooner. There really is nothing to be anxious about.
Thank you to all for the advice and info x

JMU-95

Hello.
A few of my debts are pre-2007


Next Directory 15 January 1996
Debenhams: 5 February 2005
Capital One: 29 November 2005
Marks and Spencer: 2 October 2006
Barclaycard: 4 January 2007


I am paying these off via a DMP with Stepchange entered into in 2016. Is it worth sending a CCA to each of them? I've not sent one previously. The reason I'm still hesitating is that I read somewhere recently that if the debt went to court, the debt owner doesn't have to provide the original credit agreement? If true, is there any point in CCA? (I'm hoping what i read wasn't true!)

Thanks for any help.

edited to add: link of what i was reading: https://paulatwatsonssolicitors.wordpress.com/tag/unenforceable-credit-agreement/

Suseka97

JMU-95 wrote: »

Hello.
A few of my debts are pre-2007......
I am paying these off via a DMP with Stepchange entered into in 2016. Is it worth sending a CCA to each of them? I've not sent one previously. The reason I'm still hesitating is that I read somewhere recently that if the debt went to court, the debt owner doesn't have to provide the original credit agreement? If true, is there any point in CCA? (I'm hoping what i read wasn't true!)
edited to add: link of what i was reading: https://paulatwatsonssolicitors.wordpress.com/tag/unenforceable-credit-agreement/

Okay, from a legal standpoint this is a complex issue and I'm no legal beagle... but the article you have linked is 6 years old - and things do move on, so the same advice may not stand. There are a couple of forum members on here who will hopefully clarify - but if it were me I'd definitely send off CCA requests to those pre-2007 debts.

I am aware that a reconstituted agreement is considered to be acceptable proof, but pre-2007 debts also require other documentation to substantiate their enforceability. Go have a read of the DebtCamel website on this topic.

I CCA'd mine and 3 returned as UE and since then the DCA has been offering greater discounts as time moves on. My intention is to pay them off when the discounts reach an amount I'm prepared to pay - so I'm not walking away from the debts, as some do. What I mean by this is that if some of yours prove to be UE - then it gives you more choices in terms of settling at reduced rates, or leaving them aside whilst you focus your payments at the enforceable ones.